wells fargo advantage funds prospectus - cme group · 01/06/2013 · wells fargo advantage funds |...

Wells Fargo Advantage Funds | June 1, 2013

Money Market Funds

ProspectusSelect Class

Cash Investment Money Market FundWFQXX

Heritage Money Market FundWFJXX

As with all mutual funds, the U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon theaccuracy or adequacy of this Prospectus. Anyone who tells you otherwise is committing a crime.

Fund shares are NOT deposits or other obligations of, or guaranteed by, Wells Fargo Bank, N.A., its affiliates or any other depository institution.Fund shares are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agencyand may lose value.

Table of Contents

Fund SummariesCash Investment Money Market Fund Summary·Heritage Money Market Fund Summary·

The FundsKey Fund Information·Cash Investment Money Market Fund·Heritage Money Market Fund·Description of Principal Investment Risks·Portfolio Holdings Information·

Organization and Management of the FundsOrganization and Management of the Funds·About Wells Fargo Funds Trust·The Adviser·The Sub-Adviser·Dormant Multi-Manager Arrangement·

Your AccountCompensation to Dealers and Shareholder Servicing Agents·Pricing Fund Shares·How to Buy Shares·How to Sell Shares·Account Policies·

Other InformationDistributions·Taxes·Additional Performance Information ·Financial Highlights·

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CASH INVESTMENT MONEY MARKET FUND SUMMARY

Investment ObjectiveThe Fund seeks current income, while preserving capital and liquidity.

Fees and ExpensesThese tables are intended to help you understand the various costs and expenses you will pay if you buy and hold sharesof the Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases (as a percentage of offering price) None

Maximum deferred sales charge (load) (as a percentage of offering price) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees 0.10%

Distribution (12b-1) Fees 0.00%

Other Expenses 0.09%

Total Annual Fund Operating Expenses 0.19%

Fee Waiver 0.06%

Total Annual Fund Operating Expenses After Fee Waiver1 0.13%

1. The Adviser has committed through May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's TotalAnnual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes,acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or thecommitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of ExpensesThe example below is intended to help you compare the costs of investing in the Fund with the costs of investing inother mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operatingexpenses remain the same as in the tables above. The example also assumes that the Total Annual Fund OperatingExpenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Althoughyour actual costs may be higher or lower, based on these assumptions your costs would be:

After:

1 Year $13

3 Years $55

5 Years $101

10 Years $237

Wells Fargo Advantage Funds® - Money Market Funds 2

Principal Investment StrategiesUnder normal circumstances, we invest:■ exclusively in high-quality, short-term, U.S. dollar-denominated money market instruments of domestic and foreign

issuers.

These instruments include, but are not limited to, bank obligations such as time deposits and certificates of deposit,government securities, asset-backed securities, commercial paper, corporate bonds, municipal securities and repurchaseagreements. These investments may have fixed, floating, or variable rates of interest and may be obligations of U.S. orforeign issuers. We may invest more than 25% of the Fund's total assets in U.S. dollar-denominated obligations of U.S.banks. We will only purchase First Tier securities.

Our security selection is based on several factors, including credit quality, yield and maturity, while taking into accountthe Fund's overall level of liquidity and weighted average maturity.

Principal Investment RisksAn investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured orguaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject tothe risks briefly summarized below.

Counter-Party Risk. A Fund may incur a loss if the other party to an investment contract, such as a derivative or arepurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.

Debt Securities Risk. The issuer of a debt security may fail to pay interest or principal when due, and the value of a debtsecurity may decline if an issuer defaults or if its credit quality deteriorates. Changes in market interest rates may reducethe value of debt securities or reduce the Fund's returns.

Foreign Investment Risk. Foreign investments face the potential of heightened illiquidity, greater price volatility andadverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.

Issuer Risk. The value of a security may decline because of adverse events or circumstances that directly relate toconditions at the issuer or any entity providing it credit or liquidity support.

Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The marketvalue of your investment may decline and you may suffer investment loss.

Market Risk. The market price of securities owned by the Fund may rapidly or unpredictably decline due to factorsaffecting securities markets generally or particular industries.

Money Market Fund Risk. Although the Fund seeks to maintain the value of your investment at $1.00 per share, there isno assurance that it will be able to do so, and it is possible to lose money by investing in the Fund.

Municipal Securities Risk. Municipal securities rely on the creditworthiness or revenue production of their issuers orauxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that arerelated in such a way that political, economic or business developments affecting one obligation would affect the others.Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and wecannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. Theongoing issues facing the national economy are negatively impacting the economic performance of many issuers ofmunicipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may beunable to meet their obligations.

Regulatory Risk. Changes in government regulations may adversely affect the value of a security. An insufficientlyregulated industry or market might also permit inappropriate practices that adversely affect an investment.

U.S. Government Obligations Risk. U.S. Government obligations may be adversely affected by changes in interest rates,a default by, or decline in the credit quality of, the U.S. Government, and may not be backed by the full faith and credit ofthe U.S. Government.

Wells Fargo Advantage Funds® - Money Market Funds3

PerformanceThe following information provides some indication of the risks of investing in the Fund by showing changes in theFund's performance from year to year. Past performance is no guarantee of future results. Current month-endperformance is available on the Fund's Web site at wellsfargoadvantagefunds.com. To obtain a current 7-day yield for theFund call toll-free 1-800-222-8222.

Calendar Year Total Returns as of 12/31 each yearSelect Class

1.041.26

3.10

4.955.27

2.89

0.590.22 0.14 0.13

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0%

1%

2%

3%

4%

5%

6%

7%Highest Quarter: 3rdQuarter 2007 +1.35%

Lowest Quarter: 1stQuarter 2012 +0.02%

Year-to-date totalreturn as of3/31/2013 is +0.03%

Average Annual Total Returns for the periods ended 12/31/2012

InceptionDate of

Share Class 1 Year 5 Year 10 Year

Select Class 6/29/2007 0.13% 0.79% 1.94%


Fund ManagementAdviser Sub-Adviser

Wells Fargo Funds Management,LLC

Wells Capital Management Incorporated

Purchase and Sale of Fund SharesSelect Class shares are generally available through financial intermediaries for the accounts of their customers anddirectly to institutional investors and individuals. Institutional investors may include corporations; private banks and trustcompanies; endowments and foundations; defined contribution, defined benefit and other employer sponsoredretirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; banktrusts; 529 college savings plans; family offices; and fund of funds including those managed by Funds Management. Ingeneral, you can buy or sell shares of the Fund by mail, internet, phone or wire on any day the New York Stock Exchangeis open for regular trading. You also may buy and sell shares through a financial professional.

Minimum Investments To Buy or Sell Shares

Minimum Initial InvestmentSelect Class: $50 million (certaineligible investors may not besubject to a minimum initialinvestment) Minimum Additional InvestmentSelect Class: No Minimum

Mail: Wells Fargo Advantage FundsP.O. Box 8266Boston, MA 02266-8266Internet: wellsfargoadvantagefunds.comPhone or Wire: 1-800-260-5969 or 1-800-368-7550 Contact your investment representative.

Tax InformationAny distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when yourinvestment is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such atax advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about yourspecific tax situation.

Payments to Broker-Dealers and Other Financial IntermediariesIf you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its relatedcompanies may pay the intermediary for the sale of Fund shares and related services. These payments may create aconflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fundover another investment. Consult your salesperson or visit your financial intermediary's Web site for more information.


HERITAGE MONEY MARKET FUND SUMMARY


Fees and ExpensesThese tables are intended to help you understand the various costs and expenses you will pay if you buy and hold sharesof the Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases (as a percentage of offering price) None

Maximum deferred sales charge (load) (as a percentage of offering price) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees 0.10%

Distribution (12b-1) Fees 0.00%

Other Expenses 0.08%

Total Annual Fund Operating Expenses 0.18%

Fee Waiver 0.05%

Total Annual Fund Operating Expenses After Fee Waiver1 0.13%

1. The Adviser has committed through May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's TotalAnnual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes,acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or thecommitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of ExpensesThe example below is intended to help you compare the costs of investing in the Fund with the costs of investing inother mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operatingexpenses remain the same as in the tables above. The example also assumes that the Total Annual Fund OperatingExpenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Althoughyour actual costs may be higher or lower, based on these assumptions your costs would be:

After:

1 Year $13

3 Years $53

5 Years $96

10 Years $225



issuers.



Principal Investment RisksAn investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured orguaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject tothe risks briefly summarized below.

Counter-Party Risk. A Fund may incur a loss if the other party to an investment contract, such as a derivative or arepurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.

Debt Securities Risk. The issuer of a debt security may fail to pay interest or principal when due, and the value of a debtsecurity may decline if an issuer defaults or if its credit quality deteriorates. Changes in market interest rates may reducethe value of debt securities or reduce the Fund's returns.

Foreign Investment Risk. Foreign investments face the potential of heightened illiquidity, greater price volatility andadverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.

Issuer Risk. The value of a security may decline because of adverse events or circumstances that directly relate toconditions at the issuer or any entity providing it credit or liquidity support.

Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The marketvalue of your investment may decline and you may suffer investment loss.

Market Risk. The market price of securities owned by the Fund may rapidly or unpredictably decline due to factorsaffecting securities markets generally or particular industries.

Money Market Fund Risk. Although the Fund seeks to maintain the value of your investment at $1.00 per share, there isno assurance that it will be able to do so, and it is possible to lose money by investing in the Fund.

Municipal Securities Risk. Municipal securities rely on the creditworthiness or revenue production of their issuers orauxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that arerelated in such a way that political, economic or business developments affecting one obligation would affect the others.Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and wecannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. Theongoing issues facing the national economy are negatively impacting the economic performance of many issuers ofmunicipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may beunable to meet their obligations.

Regulatory Risk. Changes in government regulations may adversely affect the value of a security. An insufficientlyregulated industry or market might also permit inappropriate practices that adversely affect an investment.

U.S. Government Obligations Risk. U.S. Government obligations may be adversely affected by changes in interest rates,a default by, or decline in the credit quality of, the U.S. Government, and may not be backed by the full faith and credit ofthe U.S. Government.


PerformanceThe following information provides some indication of the risks of investing in the Fund by showing changes in theFund's performance from year to year. Past performance is no guarantee of future results. Current month-endperformance is available on the Fund's Web site at wellsfargoadvantagefunds.com. To obtain a current 7-day yield for theFund call toll-free 1-800-222-8222.

Calendar Year Total Returns as of 12/31 each yearSelect Class

1.07 1.27

3.10

4.965.26

2.90

0.560.20 0.13 0.12

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0%

1%

2%

3%

4%

5%

6%

7%Highest Quarter: 3rdQuarter 2007 +1.34%

Lowest Quarter: 1stQuarter 2012 +0.02%

Year-to-date totalreturn as of3/31/2013 is +0.03%

Average Annual Total Returns for the periods ended 12/31/2012

InceptionDate of

Share Class 1 Year 5 Year 10 Year

Select Class 6/29/2007 0.12% 0.78% 1.94%


Fund ManagementAdviser Sub-Adviser

Wells Fargo Funds Management,LLC

Wells Capital Management Incorporated

Purchase and Sale of Fund SharesSelect Class shares are generally available through financial intermediaries for the accounts of their customers anddirectly to institutional investors and individuals. Institutional investors may include corporations; private banks and trustcompanies; endowments and foundations; defined contribution, defined benefit and other employer sponsoredretirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; banktrusts; 529 college savings plans; family offices; and fund of funds including those managed by Funds Management. Ingeneral, you can buy or sell shares of the Fund by mail, internet, phone or wire on any day the New York Stock Exchangeis open for regular trading. You also may buy and sell shares through a financial professional.

Minimum Investments To Buy or Sell Shares

Minimum Initial InvestmentSelect Class: $50 million (certaineligible investors may not besubject to a minimum initialinvestment) Minimum Additional InvestmentSelect Class: No Minimum

Mail: Wells Fargo Advantage FundsP.O. Box 8266Boston, MA 02266-8266Internet: wellsfargoadvantagefunds.comPhone or Wire: 1-800-260-5969 or 1-800-368-7550 Contact your investment representative.

Tax InformationAny distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when yourinvestment is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such atax advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about yourspecific tax situation.

Payments to Broker-Dealers and Other Financial IntermediariesIf you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its relatedcompanies may pay the intermediary for the sale of Fund shares and related services. These payments may create aconflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fundover another investment. Consult your salesperson or visit your financial intermediary's Web site for more information.


Key Fund Information

This Prospectus contains information about certain Funds within the Wells Fargo Advantage Funds® family and is designedto provide you with important information to help you with your investment decisions. Please read it carefully and keep itfor future reference.

In this Prospectus, "we" generally refers to Wells Fargo Funds Management, LLC (Funds Management) or the sub-adviser."We" may also refer to the Funds' other service providers. "You" refers to the shareholder or potential investor.

Investment Objective and Principal Investment StrategiesThe investment objective of each Fund in this Prospectus is non-fundamental; that is, it can be changed by a vote of theBoard of Trustees alone.The objective and strategies description for each Fund tells you:

■ what the Fund is trying to achieve;■ how we intend to invest your money; and■ what makes the Fund different from the other Funds offered in this Prospectus.

This section also provides a summary of the Fund's principal investments and practices. Unless otherwise indicated, theseinvestment policies and practices apply on an ongoing basis. Percentages of "the Fund's net assets" are measured aspercentages of net assets plus borrowings for investment purposes. The investment policies of the Cash InvestmentMoney Market Fund and Heritage Money Market Fund disclosed in each Fund's "Principal Investments" section may bechanged by the Board of Trustees without shareholder approval, but shareholders would be given at least 60 days notice.

Principal Risk FactorsThis section lists the principal risk factors for each Fund. A complete description of these and other risks is found in the"Description of Principal Investment Risks" section. It is possible to lose money by investing in a Fund.

About Wells Fargo Advantage Money Market FundsAll Wells Fargo Advantage Money Market Funds seek to provide current income, while preserving capital and liquidity byinvesting in a portfolio of money market instruments. A Fund may have additional investment objectives or restrictions.

Money market instruments are high quality, short-term investments that present minimal credit risk and may includesecurities such as U.S. Government obligations, bank obligations, corporate bonds, commercial paper, municipalsecurities, asset- and mortgage-backed securities, and repurchase agreements. All Wells Fargo Advantage Money MarketFunds are managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940, which providesthat:■ Each Fund will seek to maintain a net asset value of $1.00 per share.■ Each Fund will only buy securities that have remaining maturities of 397 days or less as determined under Rule 2a-7.■ The dollar-weighted average maturity of each Fund will be 60 days or less.■ The dollar-weighted average final maturity of each Fund will be 120 days or less.■ Each Fund will invest only in U.S. dollar-denominated securities.■ Each Fund will value its assets based on the total market value of all of the securities it holds using the amortized

cost method.

In order to obtain a rating from a rating organization, some Funds may observe additional investment restrictions.

Under normal circumstances, the Funds will invest the majority of their assets in First Tier Securities, consistent with Rule2a-7.


Cash Investment Money Market Fund

Adviser Wells Fargo Funds Management, LLCSub-Adviser Wells Capital Management IncorporatedFund Inception: 10/14/1987Select Class Ticker: WFQXX Fund Number: 3800



issuers.



Principal Risk FactorsThe Fund is primarily subject to the risks mentioned below.

■ Counter-Party Risk■ Debt Securities Risk■ Foreign Investment Risk■ Issuer Risk■ Management Risk

■ Market Risk■ Money Market Fund Risk■ Municipal Securities Risk■ Regulatory Risk■ U.S. Government Obligations Risk

These and other risks could cause you to lose money in your investment in the Fund and could adversely affect theFund's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks"section.


Heritage Money Market Fund

Adviser Wells Fargo Funds Management, LLCSub-Adviser Wells Capital Management IncorporatedFund Inception: 6/29/1995Select Class Ticker: WFJXX Fund Number: 3801



issuers.



Principal Risk FactorsThe Fund is primarily subject to the risks mentioned below.

■ Counter-Party Risk■ Debt Securities Risk■ Foreign Investment Risk■ Issuer Risk■ Management Risk

■ Market Risk■ Money Market Fund Risk■ Municipal Securities Risk■ Regulatory Risk■ U.S. Government Obligations Risk

These and other risks could cause you to lose money in your investment in the Fund and could adversely affect theFund's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks"section.


Description of Principal Investment Risks

Understanding the risks involved in mutual fund investing will help you make an informed decision that takes intoaccount your risk tolerance and preferences. The factors that are most likely to have a material effect on a particular Fundas a whole are called "principal risks." The principal risks for each Fund have been previously identified and are describedbelow. Additional information about the principal risks is included in the Statement of Additional Information.

Counter-Party RiskWhen a Fund enters into an investment contract, such as a derivative or a repurchase or reverse repurchase agreement,the Fund is exposed to the risk that the other party will not fulfill its contractual obligations. For example, in a repurchaseagreement, there exists the risk that where the Fund buys a security from a seller that agrees to repurchase the security atan agreed upon price and time, the seller will not repurchase the security. Similarly, the Fund is exposed to counter-partyrisk if it engages in a reverse repurchase agreement where a broker-dealer agrees to buy securities and the Fund agreesto repurchase them at a later date.

Debt Securities RiskDebt securities, such as notes and bonds, are subject to credit risk and interest rate risk. Credit risk is the possibility that anissuer or credit support provider of an instrument will be unable to make interest payments or repay principal when due.and that the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Changes in thefinancial strength of an issuer or credit support provider or changes in the credit rating of a security may affect its value.Interest rate risk is the risk that market interest rates may increase, which tends to reduce the resale value of certain debtsecurities, including U.S. Government obligations. Debt securities with longer durations are generally more sensitive tointerest rate changes than those with shorter durations. Interest rates have remained at historical lows for an extendedperiod of time. If interest rates rise quickly, it may have a pronounced negative effect on the value of certain debtsecurities. Changes in market interest rates do not affect the rate payable on an existing debt security, unless theinstrument has adjustable or variable rate features, which can reduce its exposure to interest rate risk. Changes in marketinterest rates may also extend or shorten the duration of certain types of instruments, such as asset-backed securities,thereby affecting their value and returns. Debt securities may also have, or become subject to, liquidity constraints.

Foreign Investment RiskForeign investments are subject to more risks than U.S. domestic investments. These additional risks may potentiallyinclude lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economicdevelopments. Foreign companies also may be subject to significantly higher levels of taxation than U.S. companies,including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies.In addition, amounts realized on sales or distributions of foreign securities may be subject to high and potentiallyconfiscatory levels of foreign taxation and withholding when compared to comparable transactions in U.S.securities. Foreign investments are also subject to risks including potentially higher withholding and other taxes, tradesettlement, custodial, and other operational risks and less stringent investor protection and disclosure standards incertain foreign markets. In addition, foreign markets can and often do perform differently from U.S. markets.

Issuer RiskThe value of a security may decline for a number of reasons that directly relate to the issuer or an entity providing creditsupport or liquidity support, such as management performance, financial leverage, and reduced demand for the issuer'sgoods, services or securities.

Management RiskWe cannot guarantee that a Fund will meet its investment objective. We do not guarantee the performance of a Fund,nor can we assure you that the market value of your investment will not decline. We will not "make good" on anyinvestment loss you may suffer, nor does anyone we contract with to provide services promise to make good on any suchlosses.

Market RiskThe market price of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Securities maydecline in value or become illiquid due to factors affecting securities markets generally or particular industriesrepresented in the securities markets, such as labor shortages or increased production costs and competitive conditionswithin an industry. A security may decline in value or become illiquid due to general market conditions which are notspecifically related to a particular company, such as real or perceived adverse economic conditions, changes in thegeneral outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally.


During a general downturn in the securities markets, multiple asset classes may decline in value or become illiquidsimultaneously. Equity securities generally have greater price volatility than debt securities.

Money Market Fund RiskAlthough each Fund seeks to maintain the value of your investment at $1.00 per share, there is no assurance that it will beable to do so, and it is possible to lose money by investing in a Fund. Generally, short-term funds such as money marketfunds do not earn as high a level of income as funds that invest in longer-term instruments. Because the Funds invest inshort-term instruments, the Funds' dividend yields may be low when short-term market interest rates are low.

Municipal Securities RiskMunicipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancementfeatures. Municipal securities may be difficult to obtain because of limited supply, which may increase the cost of suchsecurities and effectively reduce a portfolio's yield. Typically, less information is available about a municipal issuer than isavailable for other types of securities issuers. Each Fund may invest 25% or more of its total assets in municipal securitiesthat are related in such a way that political, economic or business developments affecting one obligation would affectthe others. For example, a Fund may own different obligations that pay interest based on the revenue of similar projects.In addition, certain municipal securities are special revenue obligations, which are payable from revenue generated by aparticular project or other revenue source. Investors can look only to the revenue generated by the project or otherrevenue source rather than the revenue of a state or local government authority. Although a Fund may strive to invest inmunicipal securities and other securities with interest that is exempt from certain taxes (i.e. federal, federal alternativeminimum tax and/or state taxes as applicable), some income earned by Fund investments may be subject to suchtaxes. Each Fund takes advantage of tax laws that allow the income from certain investments to be exempted fromfederal income tax and, in some cases, state individual income tax. Tax authorities are paying increased attention towhether interest on municipal obligations is exempt from taxation, and we cannot assure you that a tax authority will notsuccessfully challenge the exemption of a bond held by each Fund. Capital gains, whether declared by a Fund or realizedby the shareholder through the selling of Fund shares, are generally taxable. The ongoing issues facing the nationaleconomy are broadly and negatively impacting the economic and revenue performance of many states and theiragencies and municipalities and the revenue production of certain issuers of municipal securities. These factors in turnmay increase the likelihood that issuers of securities in which each Fund may invest will be unable to meet theirobligations, that the values of securities in which each Fund invests will decline significantly, and that the liquidity of suchsecurities will be impaired.

Regulatory RiskChanges in government regulations may adversely affect the value of a security. An insufficiently regulated industry ormarket might also permit inappropriate practices that adversely affect an investment. Changes in governmentregulations may adversely affect the value of a security. An insufficiently regulated market might also-permitinappropriate practices that adversely affect an investment.

U.S. Government Obligations RiskU.S. Government obligations include securities issued by the U.S. Treasury, U.S. Government agencies or governmentsponsored entities. While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government,securities issued by U.S. Government agencies or government-sponsored entities may not be backed by the full faith andcredit of the U.S. Government. The Government National Mortgage Association ("GNMA"), a wholly owned U.S.Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timelypayment of principal and interest on securities issued by institutions approved by GNMA and backed by pools ofmortgages insured by the Federal Housing Administration or the Department of Veterans Affairs. Government-sponsoredentities (whose obligations are not backed by the full faith and credit of the U.S. Government) include the FederalNational Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). Pass-throughsecurities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed bythe full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collectionor scheduled payment of principal, but its participation certificates are not backed by the full faith and credit of the U.S.Government. If a government-sponsored entity is negatively impacted by legislative or regulatory action, is unable tomeet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities issued orguaranteed by the entity will be adversely impacted. U.S. Government obligations are subject to relatively low butvarying degrees of credit risk, and are still subject to interest rate and market risk. U.S. Government obligations may beadversely affected by a default by, or decline in the credit quality of, the U.S. Government.


Portfolio Holdings Information

A description of the Wells Fargo Advantage Funds' policies and procedures with respect to disclosure of the Wells FargoAdvantage Funds' portfolio holdings is available in the Funds' Statement of Additional Information. In addition, FundsManagement will, from time to time, include portfolio holdings information in periodic commentaries for certain Funds.The substance of the information contained in such commentaries will also be posted to the Funds' Web site atwellsfargoadvantagefunds.com.


Organization and Management of the Funds

About Wells Fargo Funds TrustThe Trust was organized as a Delaware statutory trust on March 10, 1999. The Board of Trustees of the Trust ("Board")supervises each Fund's activities, monitors its contractual arrangements with various service providers and decides onmatters of general policy.

The Board supervises the Funds and approves the selection of various companies hired to manage the Funds' operations.Except for the Funds' advisers, which generally may be changed only with shareholder approval, other service providersmay be changed by the Board without shareholder approval.

The AdviserWells Fargo Funds Management, LLC, headquartered at 525 Market Street, San Francisco, CA 94105, serves as adviser forthe Funds. Funds Management is a wholly owned subsidiary of Wells Fargo & Company, a publicly traded diversifiedfinancial services company that provides banking, insurance, investment, mortgage and consumer finance services.Funds Management is a registered investment adviser that provides investment advisory services for registered mutualfunds, closed-end funds and other funds and accounts.

As adviser, Funds Management is responsible for implementing the investment objectives and strategies of the Funds. Toassist Funds Management in performing these responsibilities, Funds Management has contracted with one or moresubadvisers to provide day-to-day portfolio management services to the Funds. Funds Management employs a team ofinvestment professionals who identify and recommend the initial hiring of each Fund's sub-adviser(s) and supervise andmonitor the activities of the sub-adviser(s) on an ongoing basis. Funds Management retains overall responsibility for themanagement of the Funds.

Funds Management's investment professionals review and analyze each Fund's performance, including relative to peerfunds, and monitor each Fund's compliance with its investment objective and strategies. Funds Management isresponsible for reporting to the Board on investment performance and other matters affecting the Funds. Whenappropriate, Funds Management recommends to the Board enhancements to Fund features, including changes to Fundinvestment objectives, strategies and policies. Funds Management also communicates with shareholders andintermediaries about Fund performance and features.

For providing these advisory services, Funds Management is entitled to receive the fees disclosed in the row captioned"Management Fees" in each Fund's table of Annual Fund Operating Expenses. Funds Management compensates eachsub-adviser from the fees Funds Management receives for its services as adviser to the Funds. A discussion regarding thebasis for the Board's approval of the advisory and sub-advisory agreements for the Funds is available in those Funds'respective semi-annual reports for the six-month period ended July 30th.

For the Funds' most recent fiscal year end, the advisory fee paid to Funds Management, net of any applicable waivers andreimbursements, was as follows:

Advisory Fees Paid

As a % of average daily net assets

Cash Investment Money Market Fund 0.03%

Heritage Money Market Fund 0.05%

The Sub-AdviserThe following sub-adviser provides day-to-day portfolio management services to the Funds. These services includemaking purchases and sales of securities and other investment assets for the Funds, selecting broker-dealers, negotiatingbrokerage commission rates and maintaining portfolio transaction records. The sub-adviser is compensated for itsservices by Funds Management from the fees Funds Management receives for its services as adviser to the Funds.

Wells Capital Management Incorporated ("Wells Capital Management"), a registered investment adviser located at 525Market Street, San Francisco, CA 94105, serves as a sub-adviser and provides portfolio management services to one ormore Funds. Wells Capital Management, an affiliate of Funds Management and indirect wholly owned subsidiary of WellsFargo & Company, is a multi-boutique asset management firm committed to delivering superior investment services toinstitutional clients.


Dormant Multi-Manager ArrangementThe Board has adopted a "multi-manager" arrangement for the Heritage Money Market Fund. Under this arrangement,the Fund and Funds Management may engage one or more subadvisers to make day-to-day investment decisions for theFund's assets. Funds Management would retain ultimate responsibility (subject to the oversight of the Board) foroverseeing the sub-advisers and may, at times, recommend to the Board that the Fund: (1) change, add or terminate oneor more sub-advisers; (2) continue to retain a sub-adviser even though the sub-adviser's ownership or corporate structurehas changed; or (3) materially change a subadvisory agreement with a sub-adviser.

Applicable law generally requires a Fund to obtain shareholder approval for most of these types of recommendations,even if the Board approves the proposed action. Under the "multi-manager" arrangement approved by the Board, theFund will seek exemptive relief, if necessary, from the SEC to permit Funds Management (subject to the Board's oversightand approval) to make decisions about the Fund's sub-advisory arrangements without obtaining shareholder approval.There is no guarantee the SEC would grant such exemptive relief. The Fund will continue to submit matters toshareholders for their approval to the extent required by applicable law. Meanwhile, this multi-manager arrangement willremain dormant and will not be implemented until shareholders are further notified.


Compensation to Dealers and Shareholder Servicing Agents

Additional Payments to DealersIn addition to dealer reallowances and payments made by each Fund for distribution and shareholder servicing, theFund's adviser, the distributor or their affiliates make additional payments ("Additional Payments") to certain selling orshareholder servicing agents for the Fund, which include broker-dealers and 401(k) service providers and recordkeepers.These Additional Payments are made in connection with the sale and distribution of shares of the Fund or for services tothe Fund and its shareholders. These Additional Payments, which may be significant, are paid by the Fund's adviser, thedistributor or their affiliates, out of their revenues, which generally come directly or indirectly from fees paid by the entireFund complex.

In return for these Additional Payments, the Funds' adviser and distributor expect the Funds to receive certain marketingor servicing advantages that are not generally available to mutual funds that do not make such payments. Suchadvantages are expected to include, without limitation, placement of the Fund on a list of mutual funds offered asinvestment options to the selling agent's clients (sometimes referred to as "Shelf Space"); access to the selling agent'sregistered representatives; and/or ability to assist in training and educating the selling agent's registered representatives.

Certain selling or shareholder servicing agents receive these Additional Payments to supplement amounts payable bythe Fund under the shareholder servicing plans. In exchange, these agents provide services including, but not limited to,establishing and maintaining accounts and records; answering inquiries regarding purchases, exchanges andredemptions; processing and verifying purchase, redemption and exchange transactions; furnishing account statementsand confirmations of transactions; processing and mailing monthly statements, prospectuses, shareholder reports andother SEC-required communications; and providing the types of services that might typically be provided by each Fund'stransfer agent (e.g., the maintenance of omnibus or omnibus-like accounts, the use of the National Securities ClearingCorporation for the transmission of transaction information and the transmission of shareholder mailings).

The Additional Payments may create potential conflicts of interest between an investor and a selling agent who isrecommending a particular mutual fund over other mutual funds. Before investing, you should consult with yourfinancial consultant and review carefully any disclosure by the selling agent as to what monies they receive from mutualfund advisers and distributors, as well as how your financial consultant is compensated.

The Additional Payments are typically paid in fixed dollar amounts, or based on the number of customer accountsmaintained by the selling or shareholder servicing agent, or based on a percentage of sales and/or assets undermanagement, or a combination of the above. The Additional Payments are either up-front or ongoing or both. TheAdditional Payments differ among selling and shareholder servicing agents. Additional Payments to a selling agent that iscompensated based on its customers' assets typically range between 0.05% and 0.30% in a given year of assets investedin the Fund by the selling agent's customers. Additional Payments to a selling agent that is compensated based on apercentage of sales typically range between 0.10% and 0.15% of the gross sales of the Fund attributable to the sellingagent. In addition, representatives of the Funds' distributor visit selling agents on a regular basis to educate theirregistered representatives and to encourage the sale of Fund shares. The costs associated with such visits may be paid forby the Fund's adviser, distributor, or their affiliates, subject to applicable FINRA regulations.

More information on the FINRA member firms that have received the Additional Payments described in this section isavailable in the Statement of Additional Information, which is on file with the SEC and is also available on the Wells FargoAdvantage Funds website at wellsfargoadvantagefunds.com.


Pricing Fund Shares

The share price (net asset value per share or NAV) for a Fund is calculated each business day. To calculate a Fund's NAV,the Fund's assets are valued and totaled, liabilities are subtracted, and the balance, called net assets, is divided by thenumber of shares outstanding.

We calculate the NAV at the following times each business day for the purpose of accepting purchase orders andredemption requests:

Cash Investment Money Market FundHeritage Money Market Fund

9:00a.m., 10:00a.m., 12:00p.m., 2:00p.m., 3:00p.m., 4:00p.m. and 5:00p.m. (ET)

Generally, the NAV is not calculated, and purchase and redemption orders are not accepted, on days that the New YorkStock Exchange ("NYSE") is closed; however, the Funds may elect to remain open even on days that the NYSE is closed, ifthe Securities Industry and Financial Markets Association ("SIFMA") recommends that the bond markets remain open. Ifthe markets close early or if SIFMA recommends that the markets close early, the Funds may close early and may valuetheir shares at earlier times under these circumstances. An order will be priced at the next NAV calculated after the orderis received in proper form by the Fund's transfer agent. In the case of exchange orders, the exchange order is deemed tobe a request for the redemption of shares of one fund and for the purchase of shares of the other fund, each to beprocessed at the next time when both funds calculate their NAVs at the same time, which will generally be at 4:00 p.m.Eastern Time. Information on the timing of dividend accrual and settlement in connection with a purchase or aredemption of shares is referenced in the How to Buy Shares and How to Sell Shares sections on the following pages.

Each Fund's assets are valued using the amortized cost method, in accordance with Rule 2a-7 under the 1940 Act.Portfolio securities are valued at their acquisition cost, adjusted for discounts or premiums reflected in their purchaseprice. This method of valuation is designed to enable each Fund to price its shares at $1.00 per share, although eachFund's share price may deviate from $1.00 per share.

The Board has established procedures designed to monitor each Fund's price per share. Funds Management will reportto the Board any deviations of more than 0.25% from the Fund's net asset value using the market-to-market valuationmethod. In the event that the Board determines that a deviation exists that may result in material dilution or other unfairresults to shareholders, the Fund will take such corrective action as it deems necessary, including, but not limited to,establishing a net asset value per share (of less than or more than $1.00) solely by using available market quotations orconsidering suspending redemption of shares and liquidating the Fund under Rule 22e-3 under the 1940 Act. See theStatement of Additional Information for further disclosure.


How to Buy Shares

Select Class shares are generally available through financial intermediaries for the accounts of their customers anddirectly to institutional investors and individuals. Institutional investors may include corporations; private banks and trustcompanies; endowments and foundations; defined contribution, defined benefit and other employer sponsoredretirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; banktrusts; 529 college savings plans; family offices; and fund of funds including those managed by Funds Management. Thefollowing investors may purchase Select Class shares without investing a miminum initial investment amount, except asnoted below:■ Affiliated Funds using the Fund to invest cash;■ Any other institutions or customers of financial intermediaries who invest a minimum initial investment amount of $50

million in a Fund;■ Individual investors who invest a minimum initial investment amount of $50 million directly with a Fund; and■ Certain investors and related accounts as detailed in the Fund’s Statement of Additional Information.

Any of the minimum initial investment amount waivers listed above may be modified or discontinued at any time.

The Fund offers other classes of shares in addition to those offered through this Prospectus. You may be eligible to investin one or more of these other classes of shares. Each of the Fund's share classes bears varying expenses and may differ inother features. Consult your financial intermediary or advisor for more information regarding the Fund's available shareclasses.

General Notes for Buying Shares■ Proper Form. If the transfer agent receives your application in proper order before the Fund’s NAV is calculated, your

transactions will be priced at the next calculated NAV. If your application is received after the Fund’s last intra-day NAVis calculated, it will be priced at the next business day’s first calculated NAV. Failure to complete an account applicationproperly may result in a delay in processing your request. Shares begin earning dividends after the transfer agentreceives your purchase order in proper form and the purchase amount is received by the Fund’s custodian.

■ Insufficient Funds. You will be charged a $25.00 fee for every check or Electronic Funds Transfer that is returned to usas unpaid. In the event that your purchase amount is not received by the close of the Federal Funds wire for purchasesby wire or Electronic Funds Transfer, we reserve the right to hold you responsible for any losses, expenses or feesincurred by the Fund, its transfer agent or its custodian.

Special Considerations When Investing Through Financial Intermediaries:If a financial intermediary purchases shares on your behalf, you should understand the following:■ Minimum Investments and Other Terms of Your Account. Share purchases are made through a customer account at

your financial intermediary following that firm’s terms. Financial intermediaries may require different minimum andsubsequent investment amounts and/or earlier transaction deadlines than those stated in this Prospectus. Pleaseconsult an account representative from your financial intermediary for specifics.

■ Records are Held in Financial Intermediary’s Name. Financial intermediaries are usually the holders of record forAdministrator Class shares held through their customer accounts. The financial intermediaries maintain recordsreflecting their customers’ beneficial ownership of the shares.

■ Purchase/Redemption Orders. Financial intermediaries are responsible for transmitting their customers’ purchase andredemption orders to the Funds and for delivering required payment on a timely basis.

■ Shareholder Communications. Financial intermediaries are responsible for delivering shareholder communicationsand voting information from the Funds, and for transmitting shareholder voting instructions to the Funds.

All Investors Should Understand the Following:■ U.S. Dollars Only. All payments must be made in U.S. dollars and all checks must be drawn on U.S. banks. It is expected

that purchases in the form of investment checks do not accrue dividends until the next business day after receipt.■ Right to Refuse an Order. We reserve the right to refuse or cancel a purchase or exchange order for any reason,

including if we believe that doing so would be in the best interests of a Fund and its shareholders.■ Trade Requests. For the benefit of the Funds, we request that trades be placed as early in the day as possible.

How to Buy Shares Directly:Select Class investors who are interested in purchasing shares directly from a Fund should contact Investor Services at1-800-260-5969.


■ Earnings Distributions. Assuming the purchase amount is received by the Fund’s custodian no later than the close ofthe Federal Funds Wire, which is normally 6:00p.m. (ET), dividends will accrue as follows:

If a Proper Order is Received: Dividends Begin to Accrue:


■ By 5:00 p.m. (ET) Same Business Day

■ After 5:00 p.m. (ET) Next Business Day

The information provided in this Prospectus is not intended for distribution to, or use by, any person or entity in any non-U.S. jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subjectFund shares to any registration requirement within such jurisdiction or country.

The Funds are distributed by Wells Fargo Funds Distributor, LLC, a member of FINRA/SIPC, and an affiliate of Wells Fargo &Company. Securities Investor Protection Corporation ("SIPC") information and brochure are available at SIPC.org or bycalling SIPC at (202) 371-8300.


How to Sell Shares

Select Class shares held through a financial intermediary must be redeemed according to the terms of your customeraccount with your financial intermediary. You should contact your investment representative when you wish to sell Fundshares.

Selling Shares To Sell Some or All of Your Shares

By Telephone / Electronic FundsTransfer (EFT)

■ To speak with an investor services representative call 1-800-260-5969 or use theautomated phone system at 1-800-368-7550.

■ Redemptions processed by EFT to a linked Wells Fargo Bank account and received bythe deadlines listed in the “Redemption Orders” section below, will occur same day forWells Fargo Advantage money market funds.

■ Transfers made to a Wells Fargo Bank account are made available sooner than transfersto an unaffiliated institution.

■ Redemptions to any other linked bank account may post in two business days, pleasecheck with your financial institution for funds posting and availability.

Note: Telephone transactions such as redemption requests made over the phonegenerally require only one of the account owners to call unless you have instructed usotherwise.

By Wire■ To arrange for a Federal Funds wire, call 1-800-260-5969.■ Be prepared to provide information on the commercial bank that is a member of the

Federal Reserve wire system.■ We reserve the right to charge a fee for wiring funds although it is not currently our

practice to do so. Please contact your bank to verify any charges that it may assess foran incoming wire transfer.

By Internet Visit our Web site at wellsfargoadvantagefunds.com.

General Notes For Selling Shares ■ Proper Form. We will process requests to sell shares at the next NAV calculated after a request in proper form is

received by the transfer agent.■ Right to Delay Payment. We can delay the payment of a redemption for longer than one day if there is a non-routine

closure of the Fedwire or Federal Reserve Bank or under extraordinary circumstances.

We normally will send out checks within one business day, and in any event no more than seven days, after we acceptyour request to redeem. If you redeem shares recently purchased by check or through EFT, you may be required to waitup to seven business days before we will send your redemption proceeds. Our ability to determine with reasonablecertainty that investments have been finally collected is greater for investments coming from accounts with banksaffiliated with Funds Management than it is for investments coming from accounts with unaffiliated banks. Redemptionpayments also may be delayed under extraordinary circumstances or as permitted by the SEC in order to protectremaining shareholders.

Under the extraordinary circumstances discussed under Section 22(e) under the Investment Company Act of 1940, asamended, we may suspend the right of redemption or postpone the date of payment of a redemption for longer thanone day. Generally, those extraordinary circumstances are when: (i) the New York Stock Exchange is closed or tradingthereon is restricted; (ii) an emergency exists which makes the disposal by a Fund of securities it owns, or the fairdetermination of the value of the Fund's net assets not reasonable practical; or (iii) the SEC, by order, permits thesuspension of the right of redemption for the protection of shareholders.■ Redemption in Kind. Although generally we pay redemption requests in cash, we reserve the right to determine in

our sole discretion, whether to satisfy redemption requests by making payment in securities (known as a redemption inkind). In such case,we may pay all or part of the redemption in securities of equal value as permitted under the 1940Act, and the rules thereunder. The redeeming shareholder should expect to incur transaction costs upon thedisposition of the securities received.

■ Retirement Plans and Other Products. If you purchased shares through a packaged investment product orretirement plan, read the directions for selling shares provided by the product or plan. There may be specialrequirements that supersede the directions in this Prospectus.


■ Payment of Dividends. Requests for redemption proceeds by check or Electronic Funds Transfer that are received inproper form will be sent out by the next business day after receipt and will earn a dividend until the day such proceedsare sent.

■ Redemption Orders. Wire redemptions will be processed and earn dividends as listed in the table below.

If a Proper Order is Received: Proceeds Wired Dividends


■ By 5:00 p.m. (ET) Same Business Day Not earned on day of request

■ After 5:00 p.m. (ET) Next Business Day Earned on day of request

Frequent Purchases and Redemptions of Fund Shares

Excessive trading by a Fund's shareholders can negatively impact the Fund and its long-term shareholders by increasingexpenses or lowering returns. However, money market Funds, which are typically utilized by investors for cashmanagement purposes and invest in highly liquid securities, are not as susceptible to these negative effects as someother types of Funds. Moreover, because money market Funds typically maintain a $1.00 net asset value, there is nosignificant financial incentive for an investor to attempt to market time investments into and out of a money marketFund.

Although the money market Funds do not prohibit frequent trading by shareholders of such Funds, Funds Managementwill seek to prevent an investor from utilizing a money market Fund to facilitate frequent purchases and redemptions ofshares in the long-term, non-money market Funds. If Funds Management determines that an investor has engaged inmarket timing activities in contravention of a long-term, non-money market Fund's policies (as described in theprospectus for such Fund), Funds Management will prevent such investor from investing in the long-term, non-moneymarket Fund for a period of 30 calendar days.

In addition, Funds Management reserves the right to accept purchases, redemptions and exchanges made in excess ofapplicable trading restrictions in designated accounts held by Funds Management or its affiliate that are used at all timesexclusively for addressing operational matters related to shareholder accounts, such as testing of account functions, andare maintained at low balances that do not exceed specified dollar amount limitations.


Account Policies

Advance Notice of Large TransactionsWe strongly urge you to begin all purchases and redemptions as early in the day as possible and to notify us at least oneday in advance of transactions in excess of $50,000,000. This will allow us to manage the Funds most effectively. Whenyou give us this advance notice, you must provide us with your name and account number.

Low Balance Account RedemptionsWe reserve the right to redeem certain accounts that fall below the minimum initial investment amount as the result ofshareholder redemptions. Before doing so, we will give you approximately 60 days to bring your account above theminimum investment amount. Please call Investor Services at 1-800-260-5969 or contact our selling agent for furtherdetails.

Statements and ConfirmationsStatements summarizing activity in your account are mailed quarterly. Confirmations are mailed following eachpurchase, sale, exchange, or transfer of Fund shares, except generally for Automatic Investment Plan transactions,Systematic Withdrawal Plan transactions using Electronic Funds Transfer, and purchases of new shares through theautomatic reinvestment of distributions. Upon your request and for the applicable fee, you may obtain a reprint of anaccount statement. Please call Investor Services at 1-800-260-5969 for more information.

Statement InquiriesContact us in writing regarding any errors or discrepancies noted on your account statement within 60 days after thedate of the statement confirming a transaction. We may deny your ability to refute a transaction if we do not hear fromyou within those 60 days.

Transaction AuthorizationsCertain Institutions may transact through a registered clearing agency, such as the National Securities ClearingCorporation (NSCC). Clearing agency privileges allow us to accept transaction instructions by anyone representingthemselves as the shareholder and who provides reasonable confirmation of their identity. We use reasonableprocedures to confirm that transactions through a clearing agency are genuine; we will not be liable for any lossesincurred if we follow instructions we reasonably believe to be genuine. Contact us or your Institution immediately if youbelieve there is a discrepancy on your confirmation statement or if you believe someone has obtained unauthorizedaccess to your account.

USA PATRIOT ActIn compliance with the USA PATRIOT Act, all financial institutions (including mutual funds) at the time an account isopened, are required to obtain, verify and record the following information for all registered owners or others who maybe authorized to act on the account: full name, date of birth, taxpayer identification number (usually your Social SecurityNumber), and permanent street address. Corporate, trust and other entity accounts require additional documentation.This information will be used to verify your identity. We will return your application if any of this information is missing,and we may request additional information from you for verification purposes. In the rare event that we are unable toverify your identity, we reserve the right to redeem your account at the current day's NAV. You will be responsible for anylosses, taxes, expenses, fees, or other results of such a redemption.


Distributions

The Funds declare distributions of net investment income, if any, daily, and make such distributions, if any, monthly. TheFunds generally make distributions of realized net capital gains, if any, annually. Your distributions will be automaticallyreinvested in additionalshares, unless you or your Institution directs otherwise. Your other options are to receive checksfor these payments, have them automatically invested in the same class of another Wells Fargo Advantage Fund, or havethem deposited into your bank account. With the check payment option, if checks remain uncashed for six months or areundeliverable by the Post Office, we will reinvest the distributions at the earliest date possible, and future distributionswill be automatically reinvested. To change your current option for payment of distributions, please contact yourinstitution.


Taxes

The following discussion regarding income taxes is based on laws that were in effect as of the date of this Prospectus andsummarizes only some of the important federal and state income tax considerations affecting the Fund and you as ashareholder. It does not apply to foreign or tax-exempt shareholders or those holding Fund shares through a tax-advantaged account, such as a 401(k) Plan or IRA. This discussion is not intended as a substitute for careful tax planning.You should consult your tax adviser about your specific tax situation. Please see the Statement of Additional Informationfor additional federal income tax information.

We will pass on to a Fund's shareholders substantially all of the Fund's net investment income and realized net capitalgains, if any. Distributions of a Fund's ordinary income, if any, generally will be taxable to you as ordinary income.Although the Fund does not expect to realize any capital gain, distributions of a Fund's net short-term capital gain, if any,generally will be taxable to you as long-term capital gain.

Corporate shareholders should not expect to deduct a portion of their distributions when determining their taxableincome. In general, distributions also will not qualify for reductions in federal income taxation of dividends payable toindividuals from certain domestic and foreign corporations.

Distributions from a Fund normally will be taxable to you when paid, whether you take distributions in cash orautomatically reinvest them in additional Fund shares. Following the end of each year, we will notify you of the federalincome tax status of your distributions for the year. An individual's net long-term capital gain is subject to a reduced,maximum 15% rate of tax. Maximum long-term capital gain income tax rates are scheduled to rise to 20% in 2013, 18%for assets held more than 5 years. Due to recent legislation, beginning in 2013, U.S. individuals with income exceeding$200,000 ($250,000 if married and filing jointly), a new 3.8% Medicare contribution tax will apply on "net investmentincome," including interest, dividends, and capital gains.

In certain circumstances, Fund shareholders may be subject to back-up withholding taxes.

As long as a Fund continually maintains a $1.00 NAV, you ordinarily will not recognize a taxable gain or loss on theredemption or exchange of your Fund shares.


Additional Performance Information

This section contains additional information regarding the performance of the Funds. The sub-section below titled "ShareClass Performance" provides history for specified share classes of certain Funds.

Share Class PerformanceThe following provides additional information about the performance history of the Funds contained in this prospectus,including the information regarding predecessor funds, if any, and whether performance information presented is basedon the history of an older share class. ■ Cash Investment Money Market Fund - Historical performance shown for the Select Class shares prior to their

inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable toInstitutional Class shares. If these expenses had not been included, returns would be higher.

■ Heritage Money Market Fund - Historical performance shown for the Select Class shares prior to their inceptionreflects the performance of the Institutional Class shares, and includes the higher expenses applicable to InstitutionalClass shares. If these expenses had not been included, returns would be higher.

A Fund's past performance is no guarantee of future results. A Fund's investment results will fluctuate over time, and anyrepresentation of the Fund's returns for any past period should not be considered as a representation of what a Fund'sreturns may be in any future period. The Fund's annual and semi-annual reports contain additional performanceinformation and are available upon request, without charge, by calling the telephone number listed on the back coverpage of this Prospectus.


Financial Highlights

The financial highlights table is intended to help you understand a Fund's financial performance for the past five years (orsince inception, if shorter). Certain information reflects financial results for a single Fund share. Total returns represent therate you would have earned (or lost) on an investment in each Fund (assuming reinvestment of all distributions). Theinformation in the following tables has been derived from the Funds' financial statements, which have been audited bythe Funds' independent registered public accounting firm whose report, along with each Fund's financial statements, isalso included in each Fund's annual report, a copy of which is available upon request.

Cash Investment Money Market FundFor a share outstanding throughout each period.

Year ended January 31 Year ended February 28Select Class 2013 2012 20111 2010 2009 20082

Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Net investment income 0.003 0.003 0.003 0.003 0.02 0.03Net realized gains on investments 0.003 0.003 0.003 0.003 0.00 0.00Total from investment operations 0.003 0.003 0.003 0.003 0.02 0.03Distributions to shareholders fromNet investment income (0.00)3 (0.00)3 (0.00)3 (0.00)3 (0.02) (0.03)Net realized gains 0.00 (0.00)3 (0.00)3 (0.00)3 0.00 0.00Total distributions to shareholders (0.00)3 (0.00)3 (0.00)3 (0.00)3 (0.02) (0.03)Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Total return4 0.14% 0.13% 0.21% 0.43% 2.40% 3.31%Ratios to average net assets (annualized)

Gross expenses 0.19% 0.19% 0.19% 0.22% 0.23% 0.20%Net expenses 0.13% 0.13% 0.13% 0.15% 0.15% 0.13%Net investment income 0.14% 0.13% 0.22% 0.41% 2.29% 4.81%

Supplemental dataNet assets, end of period (000s omitted) $ 6,407,032 $ 5,325,713 $ 7,593,851 $ 4,897,725 $ 3,733,381 $ 3,025,485

For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.1.For the period from June 29, 2007 (commencement of class operations) to February 29, 20082.Amount is less than $0.005.3.Returns for periods of less than one year are not annualized.4.


Heritage Money Market FundFor a share outstanding throughout each period.

Year ended January 31 Year ended February 28Select Class 2013 2012 20111 2010 2009 20082

Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Net investment income 0.003 0.003 0.003 0.003 0.02 0.03Net realized gains on investments 0.003 0.00 0.003 0.00 0.00 0.00Total from investment operations 0.003 0.003 0.003 0.003 0.02 0.03Distributions to shareholders fromNet investment income (0.00)3 (0.00)3 (0.00)3 (0.00)3 (0.02) (0.03)Net realized gains 0.00 (0.00)3 (0.00)3 (0.00)3 0.00 0.00Total distributions to shareholders (0.00)3 (0.00)3 (0.00)3 (0.00)3 (0.02) (0.03)Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00Total return4 0.12% 0.12% 0.19% 0.40% 2.40% 3.30%Ratios to average net assets (annualized)

Gross expenses 0.18% 0.18% 0.18% 0.20% 0.23% 0.22%Net expenses 0.13% 0.13% 0.13% 0.14% 0.15% 0.13%Net investment income 0.12% 0.12% 0.21% 0.30% 2.14% 4.58%

Supplemental dataNet assets, end of period (000s omitted) $27,354,255 $15,353,756 $26,630,573 $22,489,644 $ 6,066,768 $ 1,368,330

For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.1.For the period from June 29, 2007 (commencement of class operations) to February 29, 20082.Amount is less than $0.005.3.Returns for periods of less than one year are not annualized.4.


Notes


FOR MORE INFORMATION

More information on a Fund is available free upon request,including the following documents:

Statement of Additional Information ("SAI")Supplements the disclosures made by this Prospectus.The SAI, which has been filed with the SEC, isincorporated by reference into this Prospectus andtherefore is legally part of this Prospectus.

Annual/Semi-Annual ReportsProvide financial and other important information,including a discussion of the market conditionsand investment strategies that significantly affectedFund performance over the reporting period.

To obtain copies of the above documents or for moreinformation about Wells Fargo Advantage Funds, contact us:

By telephone:Individual Investors: 1-800-222-8222Retail Investment Professionals: 1-888-877-9275Institutional Investment Professionals: 1-866-765-0778

By e-mail: [email protected]

By mail:Wells Fargo Advantage FundsP.O. Box 8266Boston, MA 02266-8266

On the Internet:wellsfargoadvantagefunds.com

From the SEC:Visit the SEC's Public Reference Room in Washington,DC (phone 1-202-551-8090 for operationalinformation for the SEC's Public Reference Room) orthe SEC's Internet site at sec.gov.

To obtain information for a fee, write or email:SEC's Public Reference Section100 "F" Street, NEWashington, DC [email protected]

© 2013 Wells Fargo Funds Management, LLC. All rights reserved063MMSL/P1212 06-13ICA Reg. No. 811-09253

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